Telangana CM Unhappy with state Tax share Demonetization, Decrease

Hyderabad: Demonetization of 500 and 1,000 notes is likely to cause about 2,000 crore loss to per month to Telangana state, Chief minister told the Governor of the state.

Telangana CM Unhappy with state Tax share Demonetization

Telangana Chief Minister KCR has met the state Governor and is understood to have uttered his displeasure on Centre reportedly reducing the state’s share of taxes and a likely negative impact of the decision to Demonetizationhigh currency notes, as per the report. Chief Minister KCR expressed his unhappiness to state Governor E S L Narasimhan during a meeting on Thursday as said by sources.

Telangana chief minister pointed out that the Centre has reduced states sharing taxes in the middle of financial year an unparalleled move in the history of India they said as per the report, any changes in share of taxes is usually done in March and he noted that. Due to this effect whole country got shocked and with that effect, resulting to the lessening in the share of taxes Telangana which usually should get 997 crore per month as per the report, Established only 585 crore this month as source said. And this is a fall of 412 crore Telangana CM Rao told Governor of the state.

As officials said, such a discount would cause inconvenience to the states and result in problems in implementation of various programmes he said and demonetisation of 500 and 1000 rupees currency notes is likely to cause about Rs 2,000 crore loss to Telangana state per month as per the report from officials, TS CM Mr. Rao told the Governor of the state. BJP government decision would adversely affect the real estate sector in Telangana state and also transactions in motor vehicles as report released by sources.